Reader’s Question:

How do I find a good life insurance company and the best instant term life insurance policy?

Euna

Portsmouth, VA

The purchase of life insurance coverage is a delicate affair. You want to make sure you’re buying enough coverage, getting the best rates, and hopefully bringing your business to a company that will be there for your loved ones should you suddenly pass away. Here is a guide to help you out:

Step 1: Calculate How Much Coverage You’ll Need

First thing you need to do before buying a policy is to know (as accurately as possible) how much financial coverage (a.k.a. death benefits or face value) your life insurance should have. Include the ff: total living expenses for at least the next several years, total outstanding balance and other financial obligations like mortgage, and future financial needs (college tuition).

Step 2: Go With the Best Companies

Easier said and done? Not if you visit the websites of independent rating agencies like Fitch, Moodys, J.D. Powers, and A.M. Best. They can tell you which life insurers have the overall-best scores when it comes to customer service, financial stability, claims handling, and pricing. Easily find out which carriers you should do business with.

Step 3: Don’t Forget to Comparison Shop

Save time and effort by using life insurance comparison websites (like) this one where you can run a free quote check and compare the latest deals in the market. You get to compare more insurers as well. This increases your chances of finding the best rates.

Step 4: Know More about Discounts

Before you finally purchase life insurance, make sure to ask about discount options that you might be eligible to get. Discounts can help you get and keep affordable life insurance, especially in the long-run.